0:00:02 > 0:00:03Hello. When it comes to buying property,
0:00:03 > 0:00:06there's nothing quite like the buzz of an auction room.
0:00:06 > 0:00:10The fast paced bids, pounding hearts, the atmosphere can be electric.
0:00:10 > 0:00:13Join us now as we look at the properties on that
0:00:13 > 0:00:16rollercoaster ride that is buying at auction.
0:00:42 > 0:00:44Whether it is flats in Folkestone,
0:00:44 > 0:00:46a semi in Suffolk or a bolthole in Bristol,
0:00:46 > 0:00:51it is possible that the auction rooms have just what you're looking for.
0:00:51 > 0:00:54Today we will meet some more people who are searching
0:00:54 > 0:00:55for their perfect property.
0:00:55 > 0:00:57Let's see what tickled their fancy.
0:00:58 > 0:01:03This semi-detached in Cumbria inspires me to look on the bright side.
0:01:03 > 0:01:07It is a bit old, but perfectly serviceable.
0:01:07 > 0:01:12In Sheerness, Kent, it is difficult to find any negatives
0:01:12 > 0:01:15about this large four-bedroom bungalow.
0:01:15 > 0:01:17All very, very positive.
0:01:17 > 0:01:20And the loft space in this mid-terraced house
0:01:20 > 0:01:23in Stoke-on-Trent isn't that magical.
0:01:25 > 0:01:28Straight out of Lion The Witch And The Wardrobe, isn't it?
0:01:28 > 0:01:32All of these properties have been sold at auction.
0:01:32 > 0:01:36We will find out who bought them and what they paid for them
0:01:36 > 0:01:38when they went under the hammer.
0:01:41 > 0:01:45This is Workington, 13 minutes from Carlisle,
0:01:45 > 0:01:50nestled in between the Irish Sea and the Lake District National Park.
0:01:50 > 0:01:54It is a market town, with a market held twice a week, including today.
0:01:57 > 0:02:02Just a 15 minute walk from the hustle and bustle of the market is the property I am here to see.
0:02:02 > 0:02:04Here is a three bed semi in a very sought after area.
0:02:07 > 0:02:12I know that similar properties here have sold for £150,000,
0:02:12 > 0:02:17but this lot was guided at a very low £100,000. Why would that be?
0:02:19 > 0:02:24Aha! That is the reason. I knew it.
0:02:24 > 0:02:26Only kidding, it looks pretty good.
0:02:26 > 0:02:32Really nice entrance foyer, even the carpets look OK. No smell of damp.
0:02:32 > 0:02:36Still a bit suspicious, but maybe I am just jaded.
0:02:36 > 0:02:40Front living room, lots of light from the bay window. We like that.
0:02:40 > 0:02:45Back room. It is old, old fires but a really nice sized space.
0:02:45 > 0:02:51Into the kitchen, still trying to find something wrong, well,
0:02:51 > 0:02:55you might not like the colour scheme or this wood and the flowers are interesting,
0:02:55 > 0:03:01but actually, yes, it is a bit old, but perfectly serviceable. Fantastic.
0:03:01 > 0:03:03And it just keeps going.
0:03:03 > 0:03:09# Fantastic, fantastic That's you, yes...#
0:03:09 > 0:03:15Beyond the kitchen there is a utility room at the back, overlooking the garden.
0:03:15 > 0:03:16There's also a WC.
0:03:16 > 0:03:22The property is an elevated position, so you get some great views,
0:03:22 > 0:03:25even from the ground floor reception room.
0:03:25 > 0:03:27How does the rest of the house compare?
0:03:29 > 0:03:35Upstairs, three good-sized bedrooms, you have the bathroom and separate loo.
0:03:35 > 0:03:41One thing you may want to consider is knocking those two together, I like a separate loo.
0:03:41 > 0:03:44That is it. I mean, nothing untoward.
0:03:44 > 0:03:49Another slightly more expensive and complicated addition to the property you might want to do is,
0:03:49 > 0:03:52do what the neighbours have done and build over the garage.
0:03:52 > 0:03:57It will give you more space. This is a really great family home.
0:03:57 > 0:04:01It has a great garden with a shed. Bearing in mind
0:04:01 > 0:04:05the condition of the house inside, I am pretty excited about this place.
0:04:05 > 0:04:09But one thing you should always try to do when you are thinking
0:04:09 > 0:04:13about buying a property is to have a good look around the outside.
0:04:13 > 0:04:16I think I have found something that might need investigating there.
0:04:22 > 0:04:27At last, I think I might have found a slight problem with this property.
0:04:27 > 0:04:31It is actually not inside the house but outside it.
0:04:31 > 0:04:37It is here, this garden wall. You make look at this and think, that is not so bad,
0:04:37 > 0:04:42it has a bit of a bow this way. Trust me, this could end up costing you a small fortune.
0:04:42 > 0:04:48Let me explain. For a start, you must talk to the people next door. Who owns this wall?
0:04:48 > 0:04:52Them or you? There might be solicitors involved in figuring that out.
0:04:52 > 0:04:55If we come to the realisation that it is our wall,
0:04:55 > 0:04:58we have to foot the cost. What does that entail?
0:04:58 > 0:05:02You will have to demolish this one that will take a builder at least a day.
0:05:02 > 0:05:05You will have a skip, which you must use to get rid of the stuff,
0:05:05 > 0:05:09that will cost you a few hundred quid by the time you've dumped it.
0:05:09 > 0:05:14Then you have to start rebuilding, which means digging out this bit of soil here, laying the foundations.
0:05:14 > 0:05:20Getting concrete and or having a cement mixer. Laying foundations and then bring in proper blockwork.
0:05:20 > 0:05:25Blocks are cheap. Build the blocks and you will have to think of the face. Natural stone?
0:05:25 > 0:05:26That will cost you a fortune.
0:05:26 > 0:05:29Put the bricks back? You can use these ones, you have to buy those.
0:05:29 > 0:05:32Suddenly this slight problem with the garden wall
0:05:32 > 0:05:36turns into something that is going to cost you a pretty penny.
0:05:36 > 0:05:37It is 15 metres long.
0:05:37 > 0:05:41It is certainly something to get professional advice on.
0:05:41 > 0:05:46As always, I would recommend getting a few quotes before embarking on any work.
0:05:46 > 0:05:51We invited an estate agent from the auction house who sold
0:05:51 > 0:05:54the property to come and have a look around.
0:05:54 > 0:05:59What does she think about the location and condition of this place that was guided at 100,000?
0:05:59 > 0:06:03Excellent location, close to good local schools.
0:06:03 > 0:06:07This property just needs to be brought up to a modern standard.
0:06:07 > 0:06:09Gas central heating, double glazing, electrics,
0:06:09 > 0:06:12bathroom and kitchen, and your personal touch.
0:06:12 > 0:06:14So, location is good.
0:06:14 > 0:06:18But how much could it sell for after it has had a full refurbishment?
0:06:18 > 0:06:22Once renovated and taken to a high spec, £160,000.
0:06:24 > 0:06:28Buy to let investors always need to know the rental potential,
0:06:28 > 0:06:30so how much could the house generate?
0:06:30 > 0:06:34Potential rent on this property is £550 per calendar month.
0:06:36 > 0:06:43Even with the uncertainty of that garden wall, I think this is an absolutely superb property to go for.
0:06:43 > 0:06:48Great location, lovely family home, lots you could do with it. What's not to like?
0:06:48 > 0:06:50Let's see who bought it when it went under the hammer.
0:06:52 > 0:06:55As it was the very last lot of the auction,
0:06:55 > 0:06:57most of the bidders have left by this time.
0:06:57 > 0:07:01Lot 37, anybody put me in at 100?
0:07:01 > 0:07:0795 then? At 95, have I got? 95 here.
0:07:07 > 0:07:16At £95,000, we are away. 96? 96 I have. 97? 98? 99?
0:07:16 > 0:07:19100. 101?
0:07:19 > 0:07:24102? 103? 104? Thinking about it.
0:07:24 > 0:07:27At 103 at my right. 104 anywhere? 104 I've got.
0:07:27 > 0:07:31You're back in. 105. 106?
0:07:31 > 0:07:38107? 108. 108 I have. 109? 110? Shake of the head.
0:07:38 > 0:07:41With you at 109? Half.
0:07:41 > 0:07:47Half I've got. 110. Half? At £110,000.
0:07:47 > 0:07:53Selling it first time, second time, third and final time.
0:07:53 > 0:07:55Selling away. Well done.
0:07:55 > 0:08:00That final successful bid of £110,000 was made by Janine,
0:08:00 > 0:08:03who was at the auction with her mum.
0:08:03 > 0:08:08Janine is an accounting assistant and has been married to her husband, David, who is a joiner, for one year.
0:08:12 > 0:08:16They celebrated their anniversary three days after the auction
0:08:16 > 0:08:20and say the house is a wedding anniversary present to themselves.
0:08:20 > 0:08:24I met up with David back there to find out a bit more
0:08:24 > 0:08:28about their plans are for this house which, it turns out, was quite a last-minute purchase.
0:08:28 > 0:08:34# My darling, happy anniversary...#
0:08:34 > 0:08:38- David, good to meet you.- You too. - Congratulations.- Thank you very much.
0:08:38 > 0:08:41- Tell me why you want to buy this place.- It was just spur of the moment.
0:08:41 > 0:08:47- No!- We saw the house on Thursday night and bought it on the Saturday.
0:08:47 > 0:08:51- What?- My mother-in-law seen in the paper and told us about it,
0:08:51 > 0:08:53so it was too good an opportunity to let slip.
0:08:53 > 0:08:57You must have been vaguely in the market for property, though?
0:08:57 > 0:09:01Not really, we have only been in our own three years.
0:09:01 > 0:09:04We just couldn't resist. Good area, good house.
0:09:04 > 0:09:07- You must have been in a state of shock, really?- I was.
0:09:07 > 0:09:11Especially when Janine went to the auction and I was at work, so I couldn't go.
0:09:11 > 0:09:14- It was a real shock. - What made you so keen?
0:09:14 > 0:09:17The location and how it has a bigger house than what we own now.
0:09:17 > 0:09:21It has a garage and a drive and gardens which we do not have at the moment.
0:09:21 > 0:09:24We live in a terrace. Everything is an improvement.
0:09:24 > 0:09:29It just goes to show that when an opportunity comes up you have to grab it.
0:09:29 > 0:09:32And David and Janine have done exactly that
0:09:32 > 0:09:34to secure their new home.
0:09:34 > 0:09:37They plan to do it up over the next four to six months.
0:09:37 > 0:09:39Then move in and let out their current house.
0:09:39 > 0:09:43- Tell me what you will do to sort it out.- Everything.
0:09:43 > 0:09:48New kitchen, new bathroom, new boiler going in and possibly new central heating.
0:09:48 > 0:09:52Taking the windows out in the dining room and put bifold doors in.
0:09:52 > 0:09:55Deck the back area so you can walk right out.
0:09:55 > 0:09:59Replace a lot of the windows because the windows are wooden or aluminium.
0:09:59 > 0:10:02Any plans for changes to the internal layout?
0:10:02 > 0:10:05Upstairs it is a separate toilet and bathroom
0:10:05 > 0:10:08so we will knock that through to get one bigger room.
0:10:08 > 0:10:09Substantially bigger.
0:10:09 > 0:10:13That is quite a bit of work, but with David's experience as a joiner
0:10:13 > 0:10:16and with the help of friends and family,
0:10:16 > 0:10:20they are hoping a budget of £15-£20,000 will stretch far enough.
0:10:20 > 0:10:25However, there is still a potentially costly aspect to address.
0:10:25 > 0:10:29- What about outside?- There is a wall dividing our house and the next door neighbour's house.
0:10:29 > 0:10:31It is leaning at the moment.
0:10:31 > 0:10:34We are in the process of trying to find out who owns the wall.
0:10:34 > 0:10:37It will be a case of rebuilding that.
0:10:37 > 0:10:40Some of the neighbours have actually done an extension.
0:10:40 > 0:10:43Is that something that you may consider?
0:10:43 > 0:10:46In two or three years time we will look at extending over the garage
0:10:46 > 0:10:49and getting an extra bedroom, possibly two at a push.
0:10:49 > 0:10:53- Definitely.- That is phase two.- Phase two, yes.
0:10:53 > 0:10:56- Once the funds are available again. - Congratulations.
0:10:56 > 0:11:00- Thank you. Thank you very much. - I look forward to seeing how you get on.- Thank you.
0:11:02 > 0:11:06David and Janine have clearly got themselves an absolutely
0:11:06 > 0:11:10cracking property, a little bit tight on the budget for what
0:11:10 > 0:11:13they intend to do, but the only fly in the ointment really that
0:11:13 > 0:11:15I can see is that garden wall.
0:11:15 > 0:11:18That could be a drain financially and emotionally sorting it out.
0:11:18 > 0:11:21You can find out how they get on later in the show.
0:11:28 > 0:11:33Today I am on the Isle of Sheppey in Kent, in the pretty village of Eastchurch.
0:11:33 > 0:11:36The village has a shop, post office and a pub.
0:11:36 > 0:11:40Some residents of Eastchurch commute to London from here.
0:11:40 > 0:11:46How much do you think a five bed detached chalet bungalow would cost?
0:11:46 > 0:11:51Bearing in mind that we are a stone's throw from the village and everything it has to offer.
0:11:51 > 0:11:55300,000, perhaps? £350,000?
0:11:55 > 0:12:04No, because today's substantial auction property has a guide of £185,000-£205,000.
0:12:04 > 0:12:08Let's go and see what you get for your money.
0:12:14 > 0:12:17Wow, that is a lot of bang for your buck.
0:12:17 > 0:12:22But is this buck for passing or should we bang on in there?
0:12:22 > 0:12:25Interestingly, this used to be a guest house
0:12:25 > 0:12:28up until a few months ago, but it does not have that
0:12:28 > 0:12:33sort of traditional guesthouse look or feel about it
0:12:33 > 0:12:35Signs like that give it away.
0:12:35 > 0:12:39A big space, this is a lounge and it has a big fireplace,
0:12:39 > 0:12:43so this would definitely tempt someone on auction day
0:12:43 > 0:12:47because this is a wonderful room and it leads straight into this open plan dining room.
0:12:47 > 0:12:52You have lovely space and light coming through these double doors
0:12:52 > 0:12:55and an amazing decked area, look at that.
0:12:55 > 0:12:59You could really imagine yourself having these doors swung open
0:12:59 > 0:13:02in the summer, having supper out on that lovely deck.
0:13:02 > 0:13:04Fantastic. And again through into the kitchen.
0:13:04 > 0:13:08A tad old-fashioned, you may need to update this area
0:13:08 > 0:13:10but a fantastic space.
0:13:10 > 0:13:14All very positive.
0:13:14 > 0:13:19# You've got to accentuate the positive
0:13:19 > 0:13:22# Eliminate that negative
0:13:22 > 0:13:25# Don't mess with Mr In-Between... #
0:13:25 > 0:13:29Just in case you wanted more space,
0:13:29 > 0:13:34also on the ground floor there are three good-sized double bedrooms
0:13:34 > 0:13:37and a family bathroom with separate shower, which I like.
0:13:37 > 0:13:40There is a bit of a 1980s vibe going on here,
0:13:40 > 0:13:44but up the stairs there are two further bedrooms, one of which is
0:13:44 > 0:13:48ginormous and a bathroom with Jack and Jill access from the bedrooms.
0:13:48 > 0:13:51As if that is not enough, there is a garage
0:13:51 > 0:13:56plus all of that decking and a cracking big garden to boot.
0:13:56 > 0:14:02It was all going so well and then, there has to be something, didn't there?
0:14:02 > 0:14:06This, now, it might not look like much but this drive could
0:14:06 > 0:14:10cost you some serious issues further down the line.
0:14:10 > 0:14:13Because, it is shared with your neighbours.
0:14:13 > 0:14:18In my experience, people don't tend to like to share things
0:14:18 > 0:14:20when it comes to property,
0:14:20 > 0:14:23and this kind of thing could be a deal-breaker for future buyers.
0:14:23 > 0:14:26Interestingly, it wasn't mentioned in the auction particulars,
0:14:26 > 0:14:29it was information in the legal pack.
0:14:29 > 0:14:33And it goes to show you, how important that document is.
0:14:33 > 0:14:36I know, Martin and I are always saying it,
0:14:36 > 0:14:39but reading the legal pack before bidding at auction
0:14:39 > 0:14:41is vitally important.
0:14:42 > 0:14:45It doesn't matter how well you get on with your neighbours.
0:14:45 > 0:14:49Do make sure that your solicitor looks over
0:14:49 > 0:14:50any agreement about shared access.
0:14:50 > 0:14:53It's best to have things crystal clear
0:14:53 > 0:14:56and in writing for everyone concerned.
0:14:56 > 0:14:57We asked along a local estate agent
0:14:57 > 0:15:01to see what she makes of this massive property,
0:15:01 > 0:15:07which went to auction with a guide price of £185,000 - £205,000.
0:15:07 > 0:15:09Very nice first impressions,
0:15:09 > 0:15:10really like the property,
0:15:10 > 0:15:12very large entrance hall as you come in.
0:15:12 > 0:15:16Nice location as well. Nice and quiet, on the edge of the village.
0:15:17 > 0:15:21And what can this property let for once renovated?
0:15:21 > 0:15:26I could rent this property for £900 per calendar month,
0:15:26 > 0:15:28give or take 10% either way.
0:15:31 > 0:15:34What about doing it up and putting it back up for sale?
0:15:34 > 0:15:38I could put this one on the market for offers in excess of £200,000.
0:15:40 > 0:15:43The shared drive will undoubtedly put some people off
0:15:43 > 0:15:46but I think the two main selling points here are the space
0:15:46 > 0:15:50and the location, and I am sure that will get the buyers interested.
0:15:50 > 0:15:52I think it's a good one to go for.
0:15:52 > 0:15:55Let's see who else thought so, as we go to auction.
0:15:57 > 0:16:01Over the page, then, to lot 79, good-looking bungalow here,
0:16:01 > 0:16:04185-205 is the guide.
0:16:04 > 0:16:08Will you start me at 185, the lower end? 185? Start me at 170, then.
0:16:08 > 0:16:13It would be cheap for this. 170,000. Start me.
0:16:13 > 0:16:18I'm on the way at 170. 170, I've got. 175 I've got sitting.
0:16:18 > 0:16:20180, I'm looking for, 180.
0:16:20 > 0:16:24178, I've got, and 180 again, 180 I've got, and two, 182.
0:16:24 > 0:16:27182 on the other side of the room.
0:16:27 > 0:16:31And four. 184. And six.
0:16:31 > 0:16:34185 if it helps you, doesn't look like it does.
0:16:34 > 0:16:37At 184, then, sitting at my right hand side, for the first time,
0:16:37 > 0:16:39out at the back, if you're done,
0:16:39 > 0:16:43for the second time at £184,000,
0:16:43 > 0:16:46third and final time, it's going to be sold at £184,000,
0:16:46 > 0:16:50if you're sure you're all done, it's a good deal, this one.
0:16:50 > 0:16:52It's yours, sir, for 184,000.
0:16:52 > 0:16:56That successful bid of 184,000 was made by local lad Gareth
0:16:56 > 0:16:59who is a civil servant and part-time fireman.
0:16:59 > 0:17:04MUSIC: "Hot Stuff" by Donna Summer
0:17:04 > 0:17:07# I want some hot stuff... #
0:17:07 > 0:17:10Gareth bought the property with his girlfriend, Sonia,
0:17:10 > 0:17:11who's also a civil servant.
0:17:11 > 0:17:15The couple plan to make this their home, and I caught up with them
0:17:15 > 0:17:18to find out exactly what they're going to do with it.
0:17:18 > 0:17:21- Gareth and Sonia, congratulations. - Thank you.- What a property.
0:17:21 > 0:17:24You've got a big old bungalow here.
0:17:24 > 0:17:25It's huge, really big.
0:17:25 > 0:17:29- Yeah, quite excited.- So, how did you find out about this, Gareth?
0:17:29 > 0:17:34I saw it on the internet for sale with an estate agent.
0:17:34 > 0:17:37It was probably out of our price range at that time,
0:17:37 > 0:17:40and then I saw the auction sign go up. So I started enquiring.
0:17:40 > 0:17:44How excited were you when you saw the auction sign go up?
0:17:44 > 0:17:48A little bit excited. I had just done a parachute jump,
0:17:48 > 0:17:50so I wasn't too sure what excitement meant any more!
0:17:50 > 0:17:53But, yeah, I thought we might get ourselves a bargain.
0:17:53 > 0:17:56MUSIC: "Song 2" by Blur
0:17:56 > 0:18:00# Woo hoo! #
0:18:02 > 0:18:05Parachute jump, eh? Not for the fainthearted,
0:18:05 > 0:18:09but Gareth and Sonia appear to have gone into this venture
0:18:09 > 0:18:12with clear heads and their eyes open.
0:18:12 > 0:18:15They read the legal pack before buying and weren't put off
0:18:15 > 0:18:18by the shared driveway, which is owned by the neighbour.
0:18:18 > 0:18:20Since they already live in the village
0:18:20 > 0:18:25and know the neighbourhood, they're sure everything will be hunky-dory.
0:18:25 > 0:18:28So, why was this property right for you two, would you say?
0:18:28 > 0:18:31I think the location. We wanted to stay in the village.
0:18:31 > 0:18:35And just the space, really. What we could do with the place.
0:18:35 > 0:18:40Lovely open spaces. We live in a fairly new house now and they're built quite small,
0:18:40 > 0:18:42so when we come in, we walked in the hallway,
0:18:42 > 0:18:46and it's a massive hallway, lounge, dining room.
0:18:46 > 0:18:49This open fire. I can't wait to get the fire going, really.
0:18:49 > 0:18:53- Was it this that did it for you, Gareth?- With the wood, it's nice.
0:18:53 > 0:18:56Being a part-time fireman, I just want to see the glow.
0:18:56 > 0:18:59So you're a part-time fireman?
0:18:59 > 0:19:01Yeah, I've been working in the village for 19 years now.
0:19:01 > 0:19:04- So, you're local?- Yes, I'm a Swampy.
0:19:04 > 0:19:06You're Medway towns, though.
0:19:06 > 0:19:09Medway originally - only been on the island a little while.
0:19:09 > 0:19:12So, what's it like living on the island, if you're a newbie?
0:19:12 > 0:19:15Got used to it now. It's a bit out of the way for everywhere, but...
0:19:15 > 0:19:18She's had all her jabs done now, so she should be OK!
0:19:18 > 0:19:21Why do they call you the Swampys?
0:19:21 > 0:19:24It's just all the marshland, you know, if you're born on the island,
0:19:24 > 0:19:27you've got webbed feet, and you have to get across the marsh.
0:19:27 > 0:19:30Do you love living on the island? Is it a way of life for you guys?
0:19:30 > 0:19:32I don't think you would move anywhere else, would you?
0:19:32 > 0:19:35I sort of get a bit seasick when I move off the island.
0:19:35 > 0:19:37Just want to come back home.
0:19:37 > 0:19:40Will it just be you two rambling around this huge house?
0:19:40 > 0:19:44We have visitors weekends and school holidays, don't we?
0:19:44 > 0:19:47Gareth's children will be here - they've all got a bedroom each
0:19:47 > 0:19:50so it will be a nice family home for them here.
0:19:50 > 0:19:52Got a dog and a cat and we just got a new addition.
0:19:52 > 0:19:54- Yes, another a little kittens. - Oh, wow!
0:19:54 > 0:19:56So, at certain times of the year,
0:19:56 > 0:19:59it's absolutely going to be full of kids and animals?
0:19:59 > 0:20:01Christmas will be great here.
0:20:01 > 0:20:03Just get the family down, open up them doorways.
0:20:03 > 0:20:05I can't wait for Christmas now.
0:20:05 > 0:20:11# Chestnuts roasting on an open fire... #
0:20:11 > 0:20:15Well, they'd better get their skates on,
0:20:15 > 0:20:18because Christmas comes round quicker every year.
0:20:18 > 0:20:21Santa will be climbing down that chimney to fill those stockings
0:20:21 > 0:20:24before you can say boo to a goose.
0:20:24 > 0:20:26So, guys, your timescale?
0:20:26 > 0:20:28- Six months?- Hopefully, six months.
0:20:28 > 0:20:32- Have you had this discussion? You don't really know, do you?- No.
0:20:32 > 0:20:34We've got to get the kitchen done.
0:20:34 > 0:20:36We know we need to change the bathroom, the showers.
0:20:36 > 0:20:40And we'll be happy to live here while we're doing it.
0:20:40 > 0:20:43So you're going to be moving in whilst the renovations are going on?
0:20:43 > 0:20:48Hopefully not the kitchen. Hopefully we'll get the kitchen done first.
0:20:48 > 0:20:51That's a hopefully, that's not a definitely.
0:20:51 > 0:20:54How do you think you're going to cope, realistically?
0:20:54 > 0:20:57With all that going on, it's going to be a pretty crazy place.
0:20:57 > 0:20:59I'll be happy as long as the kitchen's in.
0:20:59 > 0:21:01I don't mind about the rest of it. I can live with that.
0:21:01 > 0:21:06Put a dust sheet up, stop the dust. There'll be soot from the fire...
0:21:06 > 0:21:09Do you think that stops the dust? It doesn't stop the dust!
0:21:09 > 0:21:11I can imagine!
0:21:11 > 0:21:12So, what is your budget?
0:21:14 > 0:21:17THEY LAUGH
0:21:17 > 0:21:19You don't know your budget!
0:21:19 > 0:21:21Look, you're going to have a debate NOW about it.
0:21:21 > 0:21:24You should've talked about this before I got here!
0:21:24 > 0:21:27I think we're looking at about 20,000, aren't we?
0:21:27 > 0:21:29Are you happy with that, or not?
0:21:29 > 0:21:31I was thinking that would be more than what
0:21:31 > 0:21:33- we were planning on spending. - That's good!- OK.
0:21:33 > 0:21:36- I won't complain about that then. - All right then.
0:21:36 > 0:21:39Guys, good luck with this property, and I hope it all goes to plan.
0:21:39 > 0:21:41- Thank you.- Thank you.
0:21:42 > 0:21:44How will Gareth and Sonia cope,
0:21:44 > 0:21:47living in this bungalow during the renovations?
0:21:47 > 0:21:51It's never easy doing it that way, and more importantly,
0:21:51 > 0:21:54how long is it going to take before its complete?
0:21:54 > 0:21:57These jobs have a habit of dragging on and,
0:21:57 > 0:22:01if you don't have a rigid timeframe, well, it can be a nightmare.
0:22:01 > 0:22:04Find out how the couple get on later in the programme.
0:22:05 > 0:22:09Still to come, in Stoke-on-Trent there's an example of styles
0:22:09 > 0:22:11going round in cycles.
0:22:11 > 0:22:14I'm reliably informed that is back in fashion.
0:22:15 > 0:22:20In Sheerness, have Gareth and Sonia got that fire going and settled in?
0:22:20 > 0:22:23I spent most of the winter stopping and picking up logs
0:22:23 > 0:22:26off the side of the road and putting them in the boot of the car.
0:22:26 > 0:22:28But first, in Cumbria,
0:22:28 > 0:22:32are David and Janine glad to being in their new home?
0:22:32 > 0:22:35Been well looked after but it'll be nice to have our own space again.
0:22:37 > 0:22:41We're going back to Cumbria now where, earlier, we met David,
0:22:41 > 0:22:46who bought this three-bedroom semi for £110,000.
0:22:46 > 0:22:51It was to be a new home for him and his wife of one year, Janine.
0:22:51 > 0:22:55David is a joiner, and Janine is an accounting assistant,
0:22:55 > 0:22:59so budget and work wise, they would surely make a good team,
0:22:59 > 0:23:02but they were certainly going to have their work cut out.
0:23:02 > 0:23:05- So tell me what you're going to strip out.- Everything!
0:23:05 > 0:23:08There's a new kitchen, new bathroom,
0:23:08 > 0:23:14taking the windows out in the dining room and putting bifold doors in.
0:23:14 > 0:23:17Any plans for any sort of change to the internal layout?
0:23:17 > 0:23:20Upstairs it's a separate toilet and bathroom,
0:23:20 > 0:23:23so we're going to knock that through and get one bigger room,
0:23:23 > 0:23:24be substantially bigger.
0:23:25 > 0:23:29Well, it's now five and a half months later and David and Janine
0:23:29 > 0:23:34are keen to show us how good their new home looks.
0:23:40 > 0:23:44The timber in the kitchen has been stripped away and new units
0:23:44 > 0:23:46and appliances have been installed.
0:23:50 > 0:23:53The utility room behind the kitchen now houses a combi boiler,
0:23:53 > 0:23:57plus washing machine and freezer.
0:23:59 > 0:24:04And the loo has been replaced, so, quite big changes at the back,
0:24:04 > 0:24:07as Janine, who is now five months pregnant, explains.
0:24:09 > 0:24:11Do you remember the last time,
0:24:11 > 0:24:15we had floor to ceiling wooden cladding and really dark units?
0:24:15 > 0:24:17We ripped all the cladding off, and luckily,
0:24:17 > 0:24:20the walls were good enough just to re-plaster.
0:24:20 > 0:24:24Put new units in and new worktops and fully integrated appliances.
0:24:24 > 0:24:28We're looking forward to moving in, so David can do all the cooking!
0:24:29 > 0:24:34Well, he's a keen cook, and great at DIY. Just look at the living room.
0:24:36 > 0:24:39New fire, and a stylish makeover.
0:24:40 > 0:24:45The new flooring and doors in the hall look great.
0:24:45 > 0:24:47And in the rear reception room,
0:24:47 > 0:24:51the light now floods in from the bifold doors that have been fitted.
0:24:54 > 0:24:57Outside, the ownership of that bowing wall is still to be established.
0:24:57 > 0:25:01For now, they consider it safe because it's not moving.
0:25:01 > 0:25:06And with the nesting instinct kicking in good and proper,
0:25:06 > 0:25:10they've been concentrating more on the inside of the house.
0:25:10 > 0:25:14Upstairs, the second bathroom and loo have been opened up
0:25:14 > 0:25:17into one very impressive room.
0:25:17 > 0:25:19And David is delighted.
0:25:19 > 0:25:22When we first bought the house there was a separate toilet
0:25:22 > 0:25:25and bathroom which we decided to knock through, to create more space.
0:25:25 > 0:25:29We've got a big shower in where the toilet used to be.
0:25:29 > 0:25:31Moved the toilet to the centre of the room,
0:25:31 > 0:25:34block up the windows, put a new window on.
0:25:34 > 0:25:37The tiles we've chosen have come out really well,
0:25:37 > 0:25:41and it's just given a good quality feel to the bathroom, and we're very happy with it.
0:25:41 > 0:25:46The master bedroom at the front has had a stylish makeover.
0:25:46 > 0:25:50Losing the built-in wardrobe has gained them space and flexibility,
0:25:50 > 0:25:54whilst the useful dressing table in the bay window has been retained.
0:25:55 > 0:26:00Moving to the rear bedroom, the built in wardrobes have been kept
0:26:00 > 0:26:02and the decor is cool, calm and collected.
0:26:02 > 0:26:05And the third bedroom has also been decorated
0:26:05 > 0:26:07and looks destined to be a nursery.
0:26:07 > 0:26:09We're really pleased that
0:26:09 > 0:26:11we've got the house finished in plenty of time
0:26:11 > 0:26:15so that we can settle in and make sure everything's perfect
0:26:15 > 0:26:17for when the baby arrives.
0:26:17 > 0:26:20We've got family round the corner who have helped with the house.
0:26:20 > 0:26:23And they're looking forward to helping with the children.
0:26:23 > 0:26:27Their family and friends have played a big part in the refurbishment,
0:26:27 > 0:26:28but David's been non-stop for weeks.
0:26:28 > 0:26:32Early mornings, late nights, every night.
0:26:32 > 0:26:34Going to work, coming home from work,
0:26:34 > 0:26:37to work here until nine o'clock, 10 o'clock at night.
0:26:37 > 0:26:40Every night. For about six months. It's been a big effort.
0:26:40 > 0:26:42But all that hard work's paid off
0:26:42 > 0:26:45and they're about to move into their new home.
0:26:45 > 0:26:49We absolutely love it. We can't wait to move in.
0:26:49 > 0:26:52It'll be a shock after living with my parents for six months.
0:26:52 > 0:26:54Been well looked after,
0:26:54 > 0:26:56but it'll be nice to have our own space again.
0:26:56 > 0:27:00No wonder they are looking forward to moving into their gorgeous new home.
0:27:00 > 0:27:03They've shown real attention to detail,
0:27:03 > 0:27:05and it has a lovely, relaxed modern feel.
0:27:05 > 0:27:09Janine's mum and dad will get their home back to themselves,
0:27:09 > 0:27:10so I bet they're happy, too.
0:27:10 > 0:27:15I think they're looking forward to having their house back, as well.
0:27:15 > 0:27:19They paid £110,000 for the property. But how much has the work cost?
0:27:19 > 0:27:25Did they stick to their budget of 15,000-20,000?
0:27:25 > 0:27:27We think it came in around £18,000.
0:27:27 > 0:27:32We sourced everything carefully, to get the best price possible.
0:27:32 > 0:27:36The plan is to live in this house as a family for a long time,
0:27:36 > 0:27:39so we wanted to do everything right the first time,
0:27:39 > 0:27:43so that we didn't need to redo work in a few years' time.
0:27:43 > 0:27:49That £18,000 spend takes their total investment to £128,000.
0:27:50 > 0:27:54It's time to see what two local estate agents think of the property
0:27:54 > 0:28:00that's about to become home for three and possibly more in the future.
0:28:00 > 0:28:04It's absolutely stunning. It's been finished off to a very high spec.
0:28:04 > 0:28:07It's contemporary. A family home.
0:28:07 > 0:28:10I think they've shown real care in what they've done.
0:28:10 > 0:28:12The actual standard of finish is very high.
0:28:12 > 0:28:16Particularly of note, I think, the family bathroom.
0:28:16 > 0:28:19The bathroom's absolutely stunning. Beautiful shower.
0:28:19 > 0:28:24The estate agents reckon the house could fetch £600 a month in rent
0:28:24 > 0:28:27but, of course, this is David and Janine's home,
0:28:27 > 0:28:30so how much value have their improvements added?
0:28:30 > 0:28:35Is it worth more than the 128,000 they have invested?
0:28:35 > 0:28:38If I was to place this property on the residential sales market today,
0:28:38 > 0:28:42I would ask £169,950
0:28:42 > 0:28:46and I would expect to achieve approximately £165,000.
0:28:46 > 0:28:48If I was to put this property on the market,
0:28:48 > 0:28:52I'd probably market it at between 165,000 and £170,000.
0:28:52 > 0:28:58Those valuations of 165,000-170,000 would generate a gross profit
0:28:58 > 0:29:04of between 37,000 - £42,000 before the usual tax and expenses.
0:29:04 > 0:29:08It's nice that other people can see all the hard work
0:29:08 > 0:29:11that's gone into the house, and we've been able to bring it up to
0:29:11 > 0:29:14a value that is fitting with the other houses in the area.
0:29:14 > 0:29:20So a happy ending, and their investment has increased in value.
0:29:20 > 0:29:24They're about to move in and make it home. Exciting times.
0:29:24 > 0:29:26Can't wait for the baby to come along
0:29:26 > 0:29:30and just to use the house that we've spent so much time working on.
0:29:30 > 0:29:33Finally get to cook something in the kitchen!
0:29:39 > 0:29:43I'm in Stoke-on-Trent now in the suburb of Cobridge
0:29:43 > 0:29:45very close to the city centre.
0:29:45 > 0:29:49Property values here are lower than in other parts of Stoke,
0:29:49 > 0:29:53so it could be an opportunity to find a good rental investment.
0:29:53 > 0:29:56Always a good sign when it's a neighbourhood watch area,
0:29:56 > 0:30:00but the property I'm here to see, well, there's certainly lots of them.
0:30:00 > 0:30:03A traditional two bedroomed mid-terrace.
0:30:03 > 0:30:05Has guide price of £35,000,
0:30:05 > 0:30:07so it's going to appeal to all sorts of people.
0:30:07 > 0:30:11First time buyers, perhaps, or a good rental opportunity, too.
0:30:11 > 0:30:12Let's take a look.
0:30:15 > 0:30:17So, any surprises in store?
0:30:17 > 0:30:19Wow!
0:30:19 > 0:30:23Love the wallpaper! A few years ago, I would've said, get rid of that,
0:30:23 > 0:30:26but I'm reliably informed THAT is back in fashion.
0:30:26 > 0:30:29It might get slightly damaged when you do the re-plastering
0:30:29 > 0:30:33and stick in a nice, new fire, which you certainly should.
0:30:33 > 0:30:35But, a traditional kind of layout.
0:30:35 > 0:30:39Straight off the pavement into the front sitting room,
0:30:39 > 0:30:42then it goes a bit strange when you walk through here.
0:30:42 > 0:30:44What would you expect from a terrace in Stoke?
0:30:44 > 0:30:48Well, not necessarily the half-timbered look.
0:30:48 > 0:30:50But nice high ceilings and actually
0:30:50 > 0:30:54I do quite like the layout in here. Particularly the open plan staircase.
0:30:54 > 0:30:58That really opens up this room, and the fire there,
0:30:58 > 0:31:00so it's not looking too bad.
0:31:00 > 0:31:04The words "tired and dated" come to mind but, really,
0:31:04 > 0:31:09it's nothing that a good spring clean and redecoration couldn't sort out.
0:31:09 > 0:31:13There's also gas central heating and double glazing units
0:31:13 > 0:31:15making two fewer things to worry about
0:31:15 > 0:31:17when it comes to the renovation budget.
0:31:17 > 0:31:20So, lots to be positive about, so far.
0:31:20 > 0:31:25So, through to the kitchen, and long and narrow.
0:31:25 > 0:31:27In need of some tender loving care.
0:31:27 > 0:31:33You sometimes look at these things, and think, could you make it work as it is,
0:31:33 > 0:31:36but for the amount it'll cost to put a new kitchen in,
0:31:36 > 0:31:38it's going to transform this property.
0:31:38 > 0:31:43In terms of what you can do with the layout, you are slightly limited,
0:31:43 > 0:31:48but nice new units in you would make a big difference.
0:31:48 > 0:31:51You have certainly got a lot of space. It goes back a long way.
0:31:51 > 0:31:56Traditional layout again. This is where the bathroom and loo are.
0:31:56 > 0:32:00Again, it is salvageable but a bit penny-pinching to my mind.
0:32:00 > 0:32:06Get a new suite in there, new kitchen units and, we'll start to talk.
0:32:06 > 0:32:09MUSIC: "Really Saying Something" by Bananarama
0:32:09 > 0:32:12# Really saying something... #
0:32:12 > 0:32:17Yes, if you splashed the cash and transformed the kitchen
0:32:17 > 0:32:20and bathroom, this could be a cracking little ground floor space.
0:32:20 > 0:32:24Upstairs, there are two decent-sized double bedrooms, both needing
0:32:24 > 0:32:28some attention lavished on them, but again, all is in good shape.
0:32:28 > 0:32:30At the back, there's an original fireplace
0:32:30 > 0:32:32which gives the place some character.
0:32:32 > 0:32:36But if you think that's your lot, you'd be mistaken, because
0:32:36 > 0:32:41there are some louver doors that conceal a little secret.
0:32:41 > 0:32:45It is straight out of The Lion, The Witch And The Wardrobe, isn't it?
0:32:45 > 0:32:50But there is no Narnia up here, just a bit of bananas attic space.
0:32:50 > 0:32:55Clearly, doesn't meet any kind of building regulations,
0:32:55 > 0:33:00stairs, too narrow, too steep, no escape route,
0:33:00 > 0:33:03not enough natural light, floorboards and joists not strong enough,
0:33:03 > 0:33:07but somebody's gone to a bit of trouble to at least start
0:33:07 > 0:33:09a kind of conversion, there's a radiator up here
0:33:09 > 0:33:13and it opens your mind to the potential for maybe roof lights,
0:33:13 > 0:33:18for escape and light and an extra bedroom, perhaps.
0:33:18 > 0:33:20Would it be worth doing? I don't know.
0:33:20 > 0:33:24Certainly, a lot of work to get it into a reasonable state.
0:33:24 > 0:33:28But, at the moment, at least it's a dry, clear loft area,
0:33:28 > 0:33:32which is more than you can say about a lot of people's lofts.
0:33:32 > 0:33:33Mine included.
0:33:33 > 0:33:39To get this converted into a decent loft room would mean
0:33:39 > 0:33:41jumping through lots of building regulations hoops.
0:33:41 > 0:33:45Also, installing a proper staircase would eat into this bedroom.
0:33:45 > 0:33:48For me, it is a bit of a non starter,
0:33:48 > 0:33:52as losing here is something this house can't afford to do
0:33:52 > 0:33:56because, outside, the rear yard is just a few yards of space,
0:33:56 > 0:34:00so there is little that can be done down here. But, all in all,
0:34:00 > 0:34:04it's not a bad little property at its guide of 35,000.
0:34:04 > 0:34:09Time now for a local estate agent to give us his thoughts on the potential
0:34:09 > 0:34:13of this two-bedroom mid-terrace in Cobridge, Stoke-on-Trent.
0:34:13 > 0:34:16This property is very typical of what you find in the area.
0:34:16 > 0:34:18It's a two-bedroom terraced house.
0:34:18 > 0:34:21There are many similar properties local,
0:34:21 > 0:34:24and it would offer up a good investment opportunity.
0:34:24 > 0:34:26But how would the return stack up?
0:34:26 > 0:34:29What could the house achieve as a rental investment?
0:34:29 > 0:34:33Refurbished to a reasonable standard, I would anticipate
0:34:33 > 0:34:37rental income in the region of £350-£400 per calendar month.
0:34:37 > 0:34:41Not bad at all, and on the resale market?
0:34:41 > 0:34:45If this property was refurbished to a reasonable standard,
0:34:45 > 0:34:49resale value would be in the region of £55,000 - £60,000.
0:34:49 > 0:34:54Is there any potential with that attic room?
0:34:54 > 0:34:57If somebody was to go to the trouble of converting
0:34:57 > 0:35:00the current attic room into a usable bedroom,
0:35:00 > 0:35:03which would require a proper staircase
0:35:03 > 0:35:06to meet current building regulations,
0:35:06 > 0:35:10the property could then be worth closer to the £65,000 mark.
0:35:10 > 0:35:14Well, you pretty much know what to expect with these kind of properties.
0:35:14 > 0:35:17And that is part of their appeal.
0:35:17 > 0:35:20Good potential rental income, or a nice place to live?
0:35:20 > 0:35:23Let's see who fancied it when it went under the hammer.
0:35:26 > 0:35:30Lot 41 is a mid-terraced house.
0:35:30 > 0:35:33£30,000, can I say?
0:35:33 > 0:35:3525, then, can we start it at 25?
0:35:35 > 0:35:3725 bid, thank you.
0:35:37 > 0:35:41£25,000, opening bid. Can we say 30 now? 30 bid, thank you.
0:35:41 > 0:35:43At 30,000, 35?
0:35:43 > 0:35:52I can go in ones if it helps. 31? New bidder. £31,000. 32? 32?
0:35:52 > 0:35:5833, 34, 35, 36? No?
0:35:58 > 0:36:07At £36,000. At 37, can I say? New bidder at £37,000. 38? 37,500?
0:36:07 > 0:36:1237,500 seated left. At 37,500. 38?
0:36:12 > 0:36:15At £37,500, first time.
0:36:15 > 0:36:19At £37,500 for the second time,
0:36:19 > 0:36:23third and final time, at 37,500, all done.
0:36:23 > 0:36:25Good luck, Madam, well done.
0:36:25 > 0:36:29The successful bidder, who secured the lot for £37,500,
0:36:29 > 0:36:33was Anna, seen here in front, with her sister, Julia.
0:36:33 > 0:36:37# Sisters, sisters
0:36:37 > 0:36:41# There were never such devoted sisters... #
0:36:41 > 0:36:43Anna lives 40 minutes away in Macclesfield, Cheshire,
0:36:43 > 0:36:47where she's from, and works as a coordinator
0:36:47 > 0:36:51of special needs provision for primary school kids.
0:36:51 > 0:36:56With Julia's help, she's planning to renovate the property and sell it on.
0:36:56 > 0:37:00- Anna, Julia, lovely to meet you both. Congratulations.- Thanks.
0:37:00 > 0:37:01Why did you want to buy this place?
0:37:01 > 0:37:05We decided we wanted to look into doing some property developing,
0:37:05 > 0:37:07just starting on a small scale to start with,
0:37:07 > 0:37:10and, to be honest, I was being a bit slow, so Julia looked through
0:37:10 > 0:37:13the auction catalogues for me and sent me details
0:37:13 > 0:37:15of all the properties in this area we might be interested in.
0:37:15 > 0:37:18We shortlisted four, and bid on two. and we won this one.
0:37:18 > 0:37:21Oh, well done. So you were the driving force then, were you?
0:37:21 > 0:37:25She was procrastinating a little to actually getting round to it,
0:37:25 > 0:37:29so I arranged a viewing day which then didn't go so well, because
0:37:29 > 0:37:32we couldn't get into two properties, because it was the wrong day.
0:37:32 > 0:37:34- Not good. - Not the most successful,
0:37:34 > 0:37:36but actually at the end of the day,
0:37:36 > 0:37:40the two that we saw we ended up buying one.
0:37:40 > 0:37:43Do you step into Anna's life very often and push her along a bit?
0:37:43 > 0:37:46- Supportive!- Supportive, yeah. - Not pushy.
0:37:46 > 0:37:48It is a joint venture then, is it?
0:37:48 > 0:37:50In the sense that we're doing it together, yes.
0:37:50 > 0:37:53I'm funding it and Julia's helping with ideas
0:37:53 > 0:37:55and I'm sure we'll be decorating together at some point.
0:37:55 > 0:37:58Brilliant. Have you worked on projects like this before?
0:37:58 > 0:38:00Not together. I've done several of my own houses
0:38:00 > 0:38:03and we've renovated a weavers' cottage from derelict,
0:38:03 > 0:38:05and a 17th-century cottage in Kent as well.
0:38:05 > 0:38:09I've had some experience, but only for myself, not commercially.
0:38:09 > 0:38:12- Right, but this is a real commercial venture, then is it?- Yes.
0:38:12 > 0:38:14So, a new venture for Anna,
0:38:14 > 0:38:17who, up until recently, lived and worked in Kent.
0:38:18 > 0:38:22But her move home to Cheshire and first steps into property development
0:38:22 > 0:38:25came about due to unhappy circumstances,
0:38:25 > 0:38:30as her husband, Johnny, sadly passed away 20 months ago.
0:38:30 > 0:38:33When it happened, I stayed for a year, and decided,
0:38:33 > 0:38:35I've got three children, and my family are here,
0:38:35 > 0:38:38so I decided to move back here and start again.
0:38:38 > 0:38:42- How old are the children?- 17, 13 and 11, and they're all girls.
0:38:42 > 0:38:44Oh, wow. Have they seen it yet?
0:38:44 > 0:38:47Not yet. They've seen photographs and just went,
0:38:47 > 0:38:50"Oh, mother! What have you done?!"
0:38:50 > 0:38:54So a traumatic time then but back to the supportive family up here?
0:38:54 > 0:38:59Absolutely, yeah. And also, Johnny's dying has given me the opportunity to do this,
0:38:59 > 0:39:01which was something he knew I always wanted to do,
0:39:01 > 0:39:04and the fact that I'm able to fund this house
0:39:04 > 0:39:07with some of the life insurance money, is why we are doing it.
0:39:07 > 0:39:11I know that he will be looking down and saying, "You go."
0:39:11 > 0:39:13If you told me 20 months ago I'd be doing this,
0:39:13 > 0:39:15I think I would've been shocked.
0:39:15 > 0:39:18But, in life, things happen to you,
0:39:18 > 0:39:20and it is how you move on from them.
0:39:20 > 0:39:23And I am trying to take this and move it forward in a positive way.
0:39:23 > 0:39:28And I feel, now, that I can do that. So, I'm at a good place to move on.
0:39:29 > 0:39:31So, with the help of the family,
0:39:31 > 0:39:33Anna is ready to take on this new challenge.
0:39:33 > 0:39:36Although she only saw the property from outside,
0:39:36 > 0:39:38due to a mix-up over viewing dates,
0:39:38 > 0:39:44her builders gave the exterior the once over and seemed happy with it.
0:39:44 > 0:39:46- Have they seen the inside since you bought it?- Yes.
0:39:46 > 0:39:49- And much sucking teeth? - None whatsoever, no.
0:39:49 > 0:39:52I think we were pleasantly surprised.
0:39:52 > 0:39:56There's an awful lot of work to do, but the majority of it is cosmetic.
0:39:56 > 0:39:59New kitchen, new bathroom, re-plastering and a good finish
0:39:59 > 0:40:02but not going overboard.
0:40:02 > 0:40:04There's not a huge amount of profit in it,
0:40:04 > 0:40:06but enough to make it worthwhile doing.
0:40:07 > 0:40:11It sounds like a straightforward renovation is planned here.
0:40:11 > 0:40:17The stairs to the attic might go, and new cupboards or even a shower room might be installed.
0:40:17 > 0:40:21But although I think this would make a great little earner on the rental market,
0:40:21 > 0:40:23Anna doesn't plan to hold on to it.
0:40:23 > 0:40:27She wants to sell it and move on to the next property.
0:40:27 > 0:40:31So, with an £8,000 budget plus a two grand contingency
0:40:31 > 0:40:35and an eight-week turnaround planned, who'll be doing what?
0:40:35 > 0:40:39She's the money, so I'm just there to support, help her,
0:40:39 > 0:40:44- keep her under wraps and not go too extravagant. - Yes, don't let me spend!
0:40:44 > 0:40:48No. But getting stuck in and helping strip out,
0:40:48 > 0:40:52it's my partner and his brother that are actually doing a lot of the building work.
0:40:52 > 0:40:55- Oh, great! - So everyone's getting involved.
0:40:55 > 0:40:58- We're keeping it in the family, aren't we?- Well, listen, congratulations.
0:40:58 > 0:41:02- Thank you very much.- Good luck with it, and we look forward to seeing how you get on.- Thank you.
0:41:02 > 0:41:07Well, it's obviously been very tough times for Anna,
0:41:07 > 0:41:10but it's great that with the help and support of her family
0:41:10 > 0:41:14and Julia in particular, that she's starting a new life for herself.
0:41:14 > 0:41:19And this is the property she's chosen to embark on that property developing career.
0:41:19 > 0:41:24How will she get on? Pretty well, I would imagine, but I'm still of the opinion she should keep it.
0:41:24 > 0:41:29You know, the returns on investment are good. You can find out if she changes her mind later in the show.
0:41:32 > 0:41:36Well, when we left our auction aficionados,
0:41:36 > 0:41:39they had high hopes and dreams of success.
0:41:39 > 0:41:43But have those properties been giving them sleepless nights?
0:41:43 > 0:41:44Let's go back and find out.
0:41:47 > 0:41:51Back now to Eastchurch on the Isle Of Sheppey in Kent,
0:41:51 > 0:41:53and this very spacious five-bed chalet bungalow,
0:41:53 > 0:41:58which Gareth and Sonia bought at auction for 184,000.
0:41:59 > 0:42:02The former guesthouse wasn't in too bad a shape,
0:42:02 > 0:42:07and the couple plus Gareth's four kids, were keen to get the use of it as soon as possible.
0:42:09 > 0:42:14They planned to replace the kitchen before they moved in, and do the rest over six months.
0:42:15 > 0:42:17So, what is your budget?
0:42:19 > 0:42:2220? LAUGHTER
0:42:22 > 0:42:25- 20.- You don't know your budget? Oh, look!
0:42:25 > 0:42:27You're going to have a debate now about it!
0:42:27 > 0:42:29You should have talked about this before I got here.
0:42:29 > 0:42:33- I think we're looking at about 20,000, aren't we? - Oh, right. OK. 20?
0:42:33 > 0:42:37- Are you happy with that or not? - I was thinking that was more than what we were planning on spending.
0:42:37 > 0:42:39Oh, that's good!
0:42:39 > 0:42:41- I won't complain about that. - All right, then.
0:42:44 > 0:42:48Well, just over seven months later, we're back
0:42:48 > 0:42:51to see if Gareth and Sonia have turned this house into a home.
0:42:51 > 0:42:54# Sweet home Alabama
0:42:56 > 0:42:59# Where the skies are blue
0:43:01 > 0:43:03# Sweet home Alabama
0:43:07 > 0:43:11# Lord, I'm coming home to you. #
0:43:13 > 0:43:18Sweet as, I'd say. Gareth and Sonia have done a great job
0:43:18 > 0:43:22of turning the house into a really lovely home.
0:43:22 > 0:43:24While there are still bits and bobs to do,
0:43:24 > 0:43:28they've pretty much done all they need to for now.
0:43:28 > 0:43:32The first thing we done was rip the kitchen out. Total new kitchen.
0:43:32 > 0:43:36Yeah, so it was kitchen, then windows and doors next.
0:43:36 > 0:43:39- Fascias and soffits, they were all done.- All outside.
0:43:39 > 0:43:42Then the dining room and sitting room, decorating those.
0:43:42 > 0:43:46Oh, and carpet throughout upstairs. Did that before it moved in, as well.
0:43:46 > 0:43:50- Yeah.- Just to make it liveable so that we could get in and put everything in here.
0:43:53 > 0:43:56The old kitchen came out, and a new kitchen went in
0:43:56 > 0:44:00within just a week of the couple getting the keys, and it looks great.
0:44:00 > 0:44:02They're chuffed to bits with it.
0:44:02 > 0:44:06When we first came here, it was a U-shape kitchen,
0:44:06 > 0:44:10similar to the design here, but it was an old wooden one,
0:44:10 > 0:44:14and bits were falling off, so we knew we needed a new kitchen.
0:44:14 > 0:44:17So we started ripping it all out.
0:44:17 > 0:44:19Go to the sink area, and then when took the lino up,
0:44:19 > 0:44:21I noticed there was a load of water on top of the floor
0:44:21 > 0:44:25and it was quite soggy, so I investigated further,
0:44:25 > 0:44:27and there had been a leak underneath the sink,
0:44:27 > 0:44:31and the whole floor was just flooded and mouldy,
0:44:31 > 0:44:32so it needed to be replaced.
0:44:32 > 0:44:36One of the retailers we went to suggested this here -
0:44:36 > 0:44:39having the sinks come round, having the big breakfast bar there,
0:44:39 > 0:44:42but putting the washing machine underneath there instead of
0:44:42 > 0:44:45underneath the sink or there, and it worked really well.
0:44:46 > 0:44:48I just love the floor that they've got
0:44:48 > 0:44:53from the kitchen through the dining room and onto the sitting room.
0:44:53 > 0:44:56# Just let your love flow
0:44:56 > 0:44:59# Like a mountain stream and let your love grow
0:44:59 > 0:45:02# With the smallest of dreams... #
0:45:02 > 0:45:06The focal point of which is part-time fireman Gareth's
0:45:06 > 0:45:08pride and joy, their log burner.
0:45:08 > 0:45:11We had the log burner fitted, which was what we needed
0:45:11 > 0:45:14cos as soon as we moved into the house it was very cold,
0:45:14 > 0:45:17and I think with the draughty windows as well, it was really cold.
0:45:17 > 0:45:20- Yeah.- And the log burner was a lifesaver, really.
0:45:20 > 0:45:22Makes it more homely, as well.
0:45:22 > 0:45:24I've spent most of the winter stopping and picking up
0:45:24 > 0:45:27logs off the side of the road and putting them in the boot of the car.
0:45:27 > 0:45:30Bought myself a chainsaw. I've really enjoyed it.
0:45:30 > 0:45:33Yeah, makes a massive difference, doesn't it?
0:45:33 > 0:45:35It does, yeah. We all sort of gather round the fire.
0:45:35 > 0:45:38Yeah. Especially having the kids here, you want them to be warm,
0:45:38 > 0:45:40so, definitely made a difference.
0:45:40 > 0:45:43# I'm going to be warm this winter. #
0:45:45 > 0:45:50It seems Gareth's son, Jadan, thinks it's lovely and cosy, too.
0:45:50 > 0:45:51Not to mention Selsy the dog.
0:45:51 > 0:45:55Not only is Gareth saving himself money by picking up logs
0:45:55 > 0:45:58from the roadside, but they've managed to pick up a bargain
0:45:58 > 0:46:01with the new UPVC windows, too.
0:46:01 > 0:46:03We had some prices for £23,000.
0:46:03 > 0:46:05Yeah, it was getting a bit silly.
0:46:05 > 0:46:08But we shopped around quite a bit, so managed to get it down.
0:46:08 > 0:46:10Because we got quite a few doors, we've got three doors,
0:46:10 > 0:46:12so it was a lot of money to pay out.
0:46:12 > 0:46:15Yeah, so they were all A-rated windows. All the fascias and soffits
0:46:15 > 0:46:18and guttering have been replaced as well, for about £6,000.
0:46:22 > 0:46:25In time, they would like to replace the two bathroom suites
0:46:25 > 0:46:28in the house but are not in any particular hurry to do that.
0:46:28 > 0:46:30So, how have they done
0:46:30 > 0:46:33on that difficult to agree to budget of 20,000?
0:46:36 > 0:46:3815, approximately.
0:46:38 > 0:46:43- Yeah.- So far, and then possibly another 5,000 on the bathrooms.
0:46:43 > 0:46:44So, we should, I think...
0:46:44 > 0:46:47What did we see, at first? Oh, 20! That's right.
0:46:47 > 0:46:5020, yeah. So, maybe coming to about that,
0:46:50 > 0:46:52but you always hope it won't be as much.
0:46:52 > 0:46:55But as you go along, as we said, you see more things that need doing.
0:46:55 > 0:46:58So we have perhaps spent more than we thought, well, you thought.
0:46:58 > 0:47:03I think probably the work in the house might have been 10,000,
0:47:03 > 0:47:06but the other 10,000 is on cushions and vases and flowers.
0:47:06 > 0:47:10- LAUGHTER - You have to accessorise!
0:47:13 > 0:47:18£15,000 so far, on top of their purchase price of 184 grand
0:47:18 > 0:47:22makes a total outlay to date of 199,000.
0:47:22 > 0:47:24We asked along two local estate agents
0:47:24 > 0:47:27to get their take on the refurbished bungalow.
0:47:28 > 0:47:30By first impressions of the property,
0:47:30 > 0:47:32I think it's a very, very nice property.
0:47:32 > 0:47:35Very spacious, big rooms, plenty of space to move around in.
0:47:35 > 0:47:37It's the sort of property that would suit most buyers,
0:47:37 > 0:47:39especially in this particular area.
0:47:39 > 0:47:43It's a very spacious house in a very good location.
0:47:43 > 0:47:47Very rural, and an ideal family home.
0:47:48 > 0:47:52The estate agents reckon that the house could rent out
0:47:52 > 0:47:54for between £900 and £1,000 per calendar month.
0:47:54 > 0:47:58That would mean a decent yield of between 5 and 6%.
0:47:58 > 0:48:01But Gareth and Sonia are here for the long term,
0:48:01 > 0:48:05so, bearing in mind their total spend of 199,000,
0:48:05 > 0:48:08how much value have they added here?
0:48:08 > 0:48:10I'd expect this property to achieve
0:48:10 > 0:48:13in the current market around £230,000.
0:48:13 > 0:48:15I think if the property came onto the market,
0:48:15 > 0:48:17I wouldn't hesitate putting it on the market
0:48:17 > 0:48:20for anywhere between 220 and £240,000.
0:48:20 > 0:48:23You could potentially ask a little bit more,
0:48:23 > 0:48:26depending on what buyers are in the marketplace at that time.
0:48:28 > 0:48:31Those evaluations mean that if they were to sell,
0:48:31 > 0:48:36Gareth and Sonia could be looking at a pre-tax profit, before fees and expenses,
0:48:36 > 0:48:41of between 21 and 41,000, which is pretty darn good.
0:48:41 > 0:48:45But I get the impression they're very well settled in here.
0:48:45 > 0:48:48Yeah, love it. It's a nice family home.
0:48:48 > 0:48:50Really spacious, got everything we need.
0:48:50 > 0:48:51I think that is it. Love it.
0:48:51 > 0:48:55- Yeah.- It just... It feels like home, and we just love living here.
0:49:00 > 0:49:04We head back now to Cobridge in Stoke-on-Trent where earlier
0:49:04 > 0:49:07we met Anna, here on the left.
0:49:07 > 0:49:12She had bought this two-bed mid-terrace house for £37,500.
0:49:12 > 0:49:15Along with her sister, Julia, she planned to do up the house
0:49:15 > 0:49:18and sell it on as quickly as possible.
0:49:18 > 0:49:21Anna had been working in a primary school in Kent,
0:49:21 > 0:49:24where she lived, but this renovation was hopefully the start
0:49:24 > 0:49:27of a new career in property developing.
0:49:27 > 0:49:32This came about after her husband, Johnny, sadly passed away.
0:49:32 > 0:49:35She and her three daughters then returned to her home town
0:49:35 > 0:49:37of Macclesfield to be close to her family.
0:49:37 > 0:49:39So, a bit of a traumatic time then,
0:49:39 > 0:49:42but back to the support of family up here.
0:49:42 > 0:49:43Absolutely, yeah.
0:49:43 > 0:49:47And also, Johnny's dying has given me the opportunity to do this,
0:49:47 > 0:49:50which is something that he knew I always wanted to do.
0:49:50 > 0:49:53The fact that I'm able to fund this out of some of
0:49:53 > 0:49:55the life insurance money is why we're doing it.
0:49:55 > 0:49:58I know he'd be looking down and saying, "You go."
0:49:58 > 0:50:03With an £8,000 budget and an eight-week turnaround,
0:50:03 > 0:50:05let's hope everything went smoothly for Anna.
0:50:05 > 0:50:10We returned seven weeks later to see just how she'd got on.
0:50:11 > 0:50:15The lintels have been repainted and there's a new front door.
0:50:15 > 0:50:20And inside... the living room has been replastered
0:50:20 > 0:50:21and redecorated in white.
0:50:22 > 0:50:26And the old fireplace has been bricked up.
0:50:29 > 0:50:32The dark rear reception room has also gone down the same path
0:50:32 > 0:50:34and a new staircase has been built.
0:50:34 > 0:50:39But the big changes are at the back with lovely new kitchen units,
0:50:39 > 0:50:43worktop and appliances now increasing its appeal.
0:50:45 > 0:50:48And a contemporary bathroom suite has also been installed.
0:50:52 > 0:50:55It's all looking good so far.
0:50:55 > 0:50:56We met up with Anna and Julia
0:50:56 > 0:51:01to find out more about the changes on this ground floor.
0:51:03 > 0:51:05In this room, it was very, very dark.
0:51:05 > 0:51:07There was a very dark staircase with spindles.
0:51:07 > 0:51:10So we've taken the staircase out and we've recreated a new one
0:51:10 > 0:51:11and we've made it look more modern.
0:51:11 > 0:51:14We've actually built it out of bits of skirting boards.
0:51:14 > 0:51:17We've had to take the fireplace out in here.
0:51:17 > 0:51:21Also, there were very dark beams, so we've taken the beams out.
0:51:21 > 0:51:24We had some problems with the boxing in here because there's an RSJ.
0:51:24 > 0:51:27So that had to be done carefully. We've replastered everything.
0:51:27 > 0:51:33We've put new skirting boards, new architraves, new doors and decorated. New lighting.
0:51:34 > 0:51:36Up those newly-renovated stairs,
0:51:36 > 0:51:40the front bedroom has had the same treatment as downstairs -
0:51:40 > 0:51:44replastered, redecorated and re-carpeted.
0:51:44 > 0:51:48And the rear bedroom - the original fireplace has been retained
0:51:48 > 0:51:54and restored and adds a lovely focal point to the bright, airy room.
0:51:54 > 0:51:56It's all exactly as Anna intended.
0:51:56 > 0:51:59I just think it looks so light compared to how it was before
0:51:59 > 0:52:03and it feels much more spacious and I really like the kitchen.
0:52:03 > 0:52:06- That's my favourite, the kitchen. - It's much lighter than it was before.
0:52:06 > 0:52:09Basically, it just feels more spacious.
0:52:09 > 0:52:10It's all in the decor.
0:52:10 > 0:52:15But making it feel spacious meant losing a potential bedroom
0:52:15 > 0:52:17from that secret room in the loft space.
0:52:17 > 0:52:21So in this room, again, it was a total strip-out.
0:52:21 > 0:52:25We had the stairs going up to the attic from here.
0:52:25 > 0:52:26We decided the best thing to do,
0:52:26 > 0:52:30rather than spending the money getting it up to building regulation standard,
0:52:30 > 0:52:34putting in a skylight, it would be better just to box it off.
0:52:34 > 0:52:37So what we've done is we've created a cupboard here
0:52:37 > 0:52:40and we've put an access up to the roof void there
0:52:40 > 0:52:42so people can get up there for roof maintenance etc.
0:52:42 > 0:52:44Other than that, it was total re-plastering.
0:52:44 > 0:52:48All of the skirting boards have changed, new doors,
0:52:48 > 0:52:49painted throughout.
0:52:49 > 0:52:52New lights and that's it. We're delighted with it.
0:52:52 > 0:52:53We think it's a lovely little room now.
0:52:54 > 0:52:59This mid-terrace house has been revitalised by this renovation
0:52:59 > 0:53:01and it's not just with the inside.
0:53:01 > 0:53:04The roof has had some repair work and new guttering
0:53:04 > 0:53:06and downpipes have been fitted.
0:53:06 > 0:53:10There's also a new back door and kitchen window.
0:53:10 > 0:53:13It all looks good, but there were drawbacks.
0:53:13 > 0:53:16They didn't expect to have to re-plaster 90% of the internal walls
0:53:16 > 0:53:20and there was a bit of a shock when it came to the electrics.
0:53:20 > 0:53:24We uncovered that the whole house needed to be rewired.
0:53:24 > 0:53:26We didn't actually view the property beforehand.
0:53:26 > 0:53:28- We peered through the windows. - We did.
0:53:28 > 0:53:32A scant look does not reveal all those sorts of difficulties.
0:53:32 > 0:53:34That was one thing we weren't expecting.
0:53:42 > 0:53:46Contractors were brought in to fix both the wiring and plastering.
0:53:46 > 0:53:47But, of course,
0:53:47 > 0:53:52the rest of the renovation wasn't down to just Anna and Julia.
0:53:52 > 0:53:56We all jumped in and helped strip out the wallpaper, sanding.
0:53:56 > 0:53:58Five or six layers of wallpaper in the bedrooms upstairs.
0:53:58 > 0:53:59It was a mammoth task.
0:53:59 > 0:54:01It was a big task.
0:54:01 > 0:54:04Then, John, my partner, and Lee, his brother,
0:54:04 > 0:54:08they refitted the kitchen, the bathroom.
0:54:08 > 0:54:12- So they did a lot of the work and then we came back in at the end to paint.- The decorating.
0:54:12 > 0:54:16Sounds like a good team effort which came up with an impressive finished product.
0:54:16 > 0:54:20It was all done in six weeks, two weeks ahead of schedule.
0:54:20 > 0:54:24And only just over their £8,000 budget.
0:54:24 > 0:54:27So add that to their £37,500 purchase price
0:54:27 > 0:54:31and their outlay is just over £45,500.
0:54:31 > 0:54:35Anna aims to put it on the resale market as soon as possible,
0:54:35 > 0:54:36but it doesn't end there.
0:54:36 > 0:54:39I've bought another house, we've started on that one already.
0:54:39 > 0:54:42That's going to be a student rental and then there's another
0:54:42 > 0:54:46auction coming up in a week's time and another one two weeks after that.
0:54:46 > 0:54:49So we're going to that as well and looking for the next one to do.
0:54:49 > 0:54:53There seems to be no stopping these sisters at the moment.
0:54:53 > 0:54:54But first things first,
0:54:54 > 0:54:57let's find out what two local estate agents thought of Anna's
0:54:57 > 0:55:01hard work and that investment of just over £45,500.
0:55:04 > 0:55:06I think the owners have done a good job.
0:55:06 > 0:55:08They've stripped it back to bare brick and redone all
0:55:08 > 0:55:10the fixtures and fittings.
0:55:10 > 0:55:13There's been big changes since I've last seen the property.
0:55:13 > 0:55:16It's very fresh, it's ready to move into
0:55:16 > 0:55:20and it's exactly what a tenant or owner/occupier would expect.
0:55:20 > 0:55:25So, what sort of profit could Anna make on her first renovation?
0:55:25 > 0:55:29Bearing in mind that outlay of just over £45,500,
0:55:29 > 0:55:31what could a resale achieve?
0:55:31 > 0:55:36I would value this property in the region of £55,000 to £60,000.
0:55:36 > 0:55:39I'd value this property at £59,950.
0:55:39 > 0:55:42Those valuations could make a pre-tax profit of between
0:55:42 > 0:55:47just under £9,500 to around £14,500.
0:55:47 > 0:55:51- Not bad for a six-week turnaround. - Quite pleased with that, really.
0:55:51 > 0:55:53Yeah, it's fantastic for such a short amount of time
0:55:53 > 0:55:58and for when you consider the outlay, the original spend
0:55:58 > 0:56:01and return on the investment, I think that's phenomenal.
0:56:01 > 0:56:04The rental returns have something going for them as well.
0:56:04 > 0:56:08The estate agents reckon the property could
0:56:08 > 0:56:11let for between £375 and £400 per calendar month.
0:56:11 > 0:56:14That would mean a very healthy annual rental yield of
0:56:14 > 0:56:17just under 10-10.5%.
0:56:20 > 0:56:24But for now, Anna still aims to put the house up for sale.
0:56:24 > 0:56:26It looks like she's made a flying start on
0:56:26 > 0:56:30a new career in property developing and one that her husband, Johnny,
0:56:30 > 0:56:32would have been delighted to see.
0:56:32 > 0:56:34He'd be very proud of us all.
0:56:34 > 0:56:38We've always renovated our own houses and it was something we'd
0:56:38 > 0:56:41always wanted to do but never had the finance to do it before.
0:56:41 > 0:56:44So I think he'd be very proud of us all.
0:56:46 > 0:56:51Make sure you join us next time for some more thrilling auction action.
0:56:51 > 0:56:54- Here on Homes Under The Hammer. - Goodbye.- Goodbye.
0:57:05 > 0:57:09Subtitles by Red Bee Media Ltd